5 Questions
Explain what is strategy implementation and its importance?
Strategy implementation is the process of turning plans into action to reach a desired outcome. It is important because the success of every organization rests on its capacity to implement decisions and execute key processes efficiently, effectively, and consistently.
According to Harvard Business School Professor David Garvin, what does successfully implementing and executing strategy involve?
Successfully implementing and executing strategy involves delivering what’s planned or promised on time, on budget, at quality, and with minimum variability—even in the face of unexpected events and contingencies.
Why is the implementation of a strategy vital to a company’s success?
Without an efficient implementation process, even the best-laid plans may not come to fruition.
What are the seven key steps for an organization to achieve success in their strategy formulation and implementation process?
- Set Goals 2. Develop Strategy 3. Allocate Resources 4. Design the Organization 5. Develop People 6. Direct the Change 7. Build the Process
What is the first step in the strategy implementation process and why is it important?
The first step is to set goals. It is important to ensure from the onset that all goals are realistic and attainable within the set timeframe and resource allocation. Determine whether the goals are companywide or department specific.
Test your knowledge of strategy implementation with this quiz. Explore key concepts and principles related to turning plans into action and achieving desired outcomes in organizations.
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